The US may soon lift sanctions on Iranian oil that is currently on maritime tankers, aiming to influence global oil prices. This decision is being considered as one of the tools to stabilize the value of “black gold” in international markets.
This is reported by Finway
Potential Impact on the Oil Market
According to a statement from US Treasury Secretary Scott Bessent, the oil that could have sanctions lifted amounts to about 140 million barrels. Various estimates suggest that this volume would be sufficient to cover supply for 10 to 14 days, considering the average production and export levels. The primary destination for this Iranian oil could be China.
“In the coming days, we may lift sanctions on Iranian oil that is at sea. That’s about 140 million barrels, so depending on how you count, that would be enough for 10 days to 2 weeks of supplies that the Iranians have produced, and all of it would go to China,” the Secretary said.
US Strategy for Price Control
According to Scott Bessent, this decision will allow the use of Iranian barrels to keep oil prices stable over the next two weeks while the US continues its military campaign. The Secretary noted that this move provides Washington with additional leverage over the oil market. Additionally, the United States recently agreed to temporarily suspend sanctions on the sale of Russian oil and oil products that were loaded onto vessels before March 12 for one month.